Crude Oil Movement
Crude Oil prices advanced 0.88% against the USD for the 24-hour period ending 23:00GMT, closing at 43.78, after Baker Hughes reported that the US oil rig count declined by 8 to a level of 343 in the week ended 22 April, dropping for the fifth consecutive week and reaching its lowest level since November 2009.
In the Asian session, at GMT0300, the pair is trading at 43.14, with the oil trading 1.46% lower from Friday’s close.
The pair is expected to find support at 42.58, and a fall through could take it to the next support level of 42.01. The pair is expected to find its first resistance at 44.08, and a rise through could take it to the next resistance level of 45.01.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
